The new business ‘Puratos Grand-Place Vietnam’ is set to launch in January 2013. Puratos will own 70% of the business and Grand-Place 30%.
The two Belgium-headquartered firms will pump $10m into the joint venture over the next five years, with focus on bakery, patisserie and chocolate and contribute towards a new R&D center. The firm’s will also start a vertical integration project for the cocoa sector.
Piet Sanders, regional director for Eastern Europe and Asia Pacific at Puratos, said: “With the growing population in the region and the rapid development of the bakery, patisserie and chocolate industry in Vietnam, Laos and Cambodia, this is the perfect time to strengthen our position in the market.”
“Thanks to this joint venture, we will also be able to meet the needs of the full range of customers, from artisan, semi-industry band industry to supermarket and food service,” Sanders added.